Hi,
I will be retiring in a couple of years and recently invested 20K in home heating / insulation upgrades and a solar panel and battery installation.
I also purchased an hybrid car the last time I changed car and I charge this on the night rate at home.
With my current electricity rate the difference per two months with or without the solar about 420.
I am saving about 900 in Oil per year with the heating upgrades or about 150 euro every 2 months.
With the Hybrid vehicle I am saving approx. 300 per 2 months on diesel.
So every 2 months (less in the winter) I am saving 420 + 150 +300 about 900 or about 450 per month, The electricity savings will be less in the winter.
Say the total savings are 4K per year and I am a higher paid public servant so my deductions on the higher portions of my pay are as follows.
Tax 39%
USC 8%
Pension 10%
Additional Pension Contribution 7.325%
PRSI 4 %
Total 68.325%
So for every 1,000 euro Gross pay I get 316 euro take home pay.
The 4K for energy would require a gross pay of almost 13K
So for an investment of 20K, I am saving 13K gross which would cost about 250K to fund by an annuity.
I know the deductions will be less when I retire and will fall as I get older, however it looks like investment in energy saving is a no brainer as a retirement investment.
What do people think,
I will be retiring in a couple of years and recently invested 20K in home heating / insulation upgrades and a solar panel and battery installation.
I also purchased an hybrid car the last time I changed car and I charge this on the night rate at home.
With my current electricity rate the difference per two months with or without the solar about 420.
I am saving about 900 in Oil per year with the heating upgrades or about 150 euro every 2 months.
With the Hybrid vehicle I am saving approx. 300 per 2 months on diesel.
So every 2 months (less in the winter) I am saving 420 + 150 +300 about 900 or about 450 per month, The electricity savings will be less in the winter.
Say the total savings are 4K per year and I am a higher paid public servant so my deductions on the higher portions of my pay are as follows.
Tax 39%
USC 8%
Pension 10%
Additional Pension Contribution 7.325%
PRSI 4 %
Total 68.325%
So for every 1,000 euro Gross pay I get 316 euro take home pay.
The 4K for energy would require a gross pay of almost 13K
So for an investment of 20K, I am saving 13K gross which would cost about 250K to fund by an annuity.
I know the deductions will be less when I retire and will fall as I get older, however it looks like investment in energy saving is a no brainer as a retirement investment.
What do people think,